why invest in this fund
ETF solution for investors seeking tax-advantaged income
As an actively managed ETF, MINO seeks to generate higher tax-advantaged income and return potential than a broad municipal market index by actively managing credit, liquidity and interest rate risk.
|Data point name||Data point value|
|Total Net Assets||$65,478,848.00|
|Daily Trading Volume (dollar notional)||-|
Bloomberg Municipal Bond Index
Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in an unmanaged index.
|Data point name||Data point value|
As of 05/31/2023
Top Ten Exposure
|Description||% of Assets||Security Type||Coupon||Maturity|
|US DOLLAR||9.18||CURRENCY - FORWARD||0.00||-|
|SOUTHCENTRL PA GEN AUTH REVENU SCAGEN 06/37 ADJUSTABLE VAR||3.06||MUNICIPAL BONDS||3.50||06/01/2037|
|COLORADO ST HLTH FACS AUTH REV COSMED 05/62 ADJUSTABLE VAR||2.42||MUNICIPAL BONDS||5.00||05/15/2062|
|CALIFORNIA ST INFRASTRUCTURE CASDEV 01/50 ADJUSTABLE VAR||2.13||MUNICIPAL BONDS||3.65||01/01/2050|
|CHARLOTTE MECKLENBURG NC HOSP CHAMED 01/49 ADJUSTABLE VAR||1.73||MUNICIPAL BONDS||5.00||01/15/2049|
|MASSACHUSETTS ST MAS 10/47 FIXED 5.25||1.72||MUNICIPAL BONDS||5.25||10/01/2047|
|PUERTO RICO SALES TAX FING COR PRCGEN 07/51 ZEROCPNOID 0||1.69||MUNICIPAL BONDS||0.01||07/01/2051|
|SCOTT CNTY KY SCH DIST FIN COR SCOEDU 09/41 FIXED 5||1.69||MUNICIPAL BONDS||5.00||09/01/2041|
|ILLINOIS ST SALES TAX REVENUE ILSGEN 06/31 FIXED 5||1.67||MUNICIPAL BONDS||5.00||06/15/2031|
|CHICAGO IL O HARE INTERNATIONA CHITRN 01/55 FIXED 5.5||1.62||MUNICIPAL BONDS||5.50||01/01/2055|
Current holdings are subject to risk. Holdings are subject to change at any time.
Fees & Expenses
|Gross Expense Ratio||0.49%|
|Net Expense Ratio||0.39%|
Pacific Investment Management Company LLC (“PIMCO”) has contractually agreed, through October 31, 2022, to waive its management fee or reimburse the Fund to the extent that organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustees’ fees exceed 0.0049% of the Fund’s average net assets (the “Expense Limit”), and through October 31, 2023 to reduce its management fee by 0.10% of the average daily net assets of the Fund. Under the Expense Limit, which renews annually for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term, PIMCO may recoup these waivers and reimbursements in future periods under certain conditions.
Yields & Distributions
Dividends & Capital Gains Distribution
|Distribution Date||Dist. Nav||Long Term Cap. Gain||Short Term Cap. Gain||Dividend Income||Special Dist.||Dist. Total|
Yield to Maturity (YTM) is the estimated total return of a bond if held to maturity. YTM accounts for the present value of a bond’s future coupon payments. PIMCO calculates a Fund's Estimated YTM by averaging the YTM of each security held in the Fund on a market-weighted basis. PIMCO pulls each security's YTM from PIMCO's Portfolio Analytics database. In general, the calculation will incorporate the yield based on the notional value of all derivative instruments held by a Fund. The measure does not reflect the deduction of fees and expenses and is not necessarily indicative of the Fund's actual performance. A portfolio’s actual yield or distribution rate may be significantly lower than its estimated YTM in practice. Also, estimated YTM is not intended to indicate that a portfolio will actually hold any or all of its portfolio securities to maturity in practice, and various securities may be sold or otherwise disposed of prior to maturity. Estimated YTM is not a projection or prediction of the actual yield or return that a portfolio may achieve or any other future performance results. There can be no assurance that a portfolio will achieve any particular level of yield or return and actual results may vary significantly from estimated YTM.
The SEC yield is an annualized yield based on the most recent 30 day period.
The Subsidized yield includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30 Day SEC yield excludes contractual expense reimbursements.
The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The yield does not include long- or short-term capital gains distributions.
No dividend reinvestment service is provided by the Trust. Financial intermediaries may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of Fund shares for reinvestment of their dividend distributions. Beneficial owners should contact their financial intermediary to determine the availability and costs of the service and the details of participation therein. Financial intermediaries may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and net capital gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market.
Price & Performance
|NAV Total Returns (After Fees)||1.04||-||-||-||-4.49|
|Market Price Returns||1.17||-||-||-||-4.47|
|Bloomberg Municipal Bond Index||0.49||-||-||-||-4.11|
|Performance Difference (Fund NAV vs. Index)||0.55||-||-||-||-0.38|
|Performance Difference (Fund Market Price vs. Index)||0.68||-||-||-||-0.36|
|After Tax Pre-Liquidation||0.91||-||-||-||-4.58|
|After Tax Post-Liquidation||1.88||-||-||-||-2.93|
|NAV Total Returns (After Fees)||-1.12||-||-||-||-5.09|
|Market Price Returns||-0.99||-||-||-||-5.03|
|Bloomberg Municipal Bond Index||0.26||-||-||-||-3.86|
|Performance Difference (Fund NAV vs. Index)||-1.38||-||-||-||-1.23|
|Performance Difference (Fund Market Price vs. Index)||-1.25||-||-||-||-1.17|
|After Tax Pre-Liquidation||-1.23||-||-||-||-5.17|
|After Tax Post-Liquidation||0.49||-||-||-||-3.41|
|NAV Total Returns (After Fees)||2.84||-0.53||1.70||2.94|
|Market Price Returns||2.88||-0.60||1.77||2.70|
|Bloomberg Municipal Bond Index||1.65||-0.87||1.10||1.94|
|Performance Difference (Fund NAV vs. Index)||1.19||0.34||0.60||1.00|
|Performance Difference (Fund Market Price vs. Index)||1.23||0.27||0.67||0.76|
|After Tax Pre-Liquidation||2.80||-0.55||1.67||2.88|
|After Tax Post-Liquidation||2.18||-0.21||1.37||2.47|
|NAV Total Returns (After Fees)||2.61||1.48||2.61||6.34|
|Market Price Returns||2.73||1.61||2.73||6.36|
|Bloomberg Municipal Bond Index||2.78||2.22||2.78||7.00|
|Performance Difference (Fund NAV vs. Index)||-0.17||-0.74||-0.17||-0.66|
|Performance Difference (Fund Market Price vs. Index)||-0.05||-0.61||-0.05||-0.64|
|After Tax Pre-Liquidation||2.61||1.47||2.61||6.27|
|After Tax Post-Liquidation||1.80||1.00||1.80||4.47|
Premium / Discount
|Premium / Discount||Calendar Year 2022||First Quarter 2023|
|Days Traded At Premium||99||27|
|Days Traded At NAV||23||7|
|Days Traded At Discount||129||28|
The performance figures presented reflect the total return performance, unless otherwise noted, and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized. Periods less than one year are cumulative.
Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund's performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Past performance is not a guarantee or a reliable indicator of future results.
A monthly rating is not a recommendation to buy, sell or hold a fund. © 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
|Ind Dev/Pollution Ctrl||25.73|
|Water & Sewer||1.52|
|Net Other Short Duration Instruments Muni||0.00|
|US Government Related||-6.11|
|Invest. Grade Credit||0.83|
|High Yield Credit||0.36|
|Net Other Short Duration Instruments ex-Muni||11.64|
|Ind Dev/Pollution Ctrl||22.11|
|Water & Sewer||2.67|
|Net Other Short Duration Instruments Muni||0.00|
|US Government Related||-5.89|
|Invest. Grade Credit||1.09|
|High Yield Credit||0.28|
|Net Other Short Duration Instruments ex-Muni||0.04|
|Years||% of Fund|
|Effective Maturity (yrs)||9.86|
interest rate exposures
|Bull Market Duration||5.36||5.74|
|Bear Market Duration||5.72||6.37|
|Total Curve Duration||-0.29||N/A|
|Mortgage Spread Duration||0.00||0.00|
|Corporate Spread Duration||0.28||0.00|
|Emerging Markets Spread Duration||0.00||0.00|
Net Asset Value (NAV) represents an ETF’s per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading on the New York Stock Exchange (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.
The Fund’s Net Asset Value, shares outstanding and total net assets are calculated as of the close of regular trading on each day that the New York Stock Exchange is open, and do not reflect security transactions or Fund shares created or redeemed on the date stated. Such transactions are recorded on the next business day and reported on the website the following business day.
A word about risk: Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Management risk is the risk that the investment techniques and risk analyses applied by an investment manager will not produce the desired results, and that certain policies or developments may affect the investment techniques available to the manager in connection with managing the strategy.
PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2023, PIMCO.